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Faircourt Gold Income Corp. files preliminary prospectuses

/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/

TORONTO, June 17 /CNW/ - (TSX: FGX, FGX.WT.B): Faircourt Asset Management Inc. (the "Manager"), the manager of Faircourt Gold Income Corp. (the "Company") is pleased to announce that the Company has filed with securities regulators in each of the provinces of Canada a preliminary prospectus in respect of a public offering of Class A Shares ("Shares") of the Company in exchange for securities of each of the issuers named therein and for cash (the "Exchange and Cash Offering"). Investors desiring to participate in the Exchange and Cash Offering by exchanging securities must do so by 5:00 p.m. (Toronto time) on July 20, 2010. The exchange ratios will be disclosed in the final prospectus.

Concurrently, the Company has filed with securities regulators in each of the provinces of Canada a preliminary prospectus in respect the issuance to current shareholders of Class C Warrants (the "Warrants") exercisable to purchase Shares from the Company (the "Warrant Offering"). Investors acquiring Shares under the Exchange and Cash Offering will not receive Warrants in respect of such Shares. Each whole Warrant will entitle the holder thereof to subscribe for one Share on the last business day of each month, until and including July 29, 2011, at an exercise price equal to the lesser of: (i) $9.92, being the most recently calculated diluted NAV per Share plus the estimated per Share fees and expenses of the Warrant Offering and (ii) the most recently calculated diluted NAV per Share prior to the date of filing the final prospectus plus the estimated per Share fees and expenses of the Warrant Offering. The Warrant Offering is conditional upon the completion of the Exchange and Cash Offering.

The securities acquired pursuant to the Exchange and Cash Offering will either be held as part of the Company's portfolio or sold. If sold the net proceeds of such sales, together with any cash subscriptions, will be used by the Company to acquire additional portfolio securities, all in accordance with the investment objectives and investment strategy of the Company and subject to its investment restrictions.

The Company has retained Canaccord Genuity Corp. to act as the dealer manager to solicit on a best efforts basis acceptances of the Exchange and Cash Offering and solicit the exercise of Warrants under the Warrant Offering.

The Company's Shares and Class B Warrants are currently listed on the Toronto Stock Exchange (the "TSX") under the symbol FGX and FGX.WT.B, respectively.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale or any acceptance of an offer to buy these securities in any jurisdiction in which the securities are not qualified for sale.

The Exchange and Cash Offering and the Warrant Offering are each made by prospectus. The preliminary prospectuses contain important detailed information about the securities being offered and should be read carefully before making an investment decision. Copies of the preliminary prospectuses may be obtained from your financial advisor or at www.sedar.com under the Company's profile.

%SEDAR: 00025881E

SOURCE Faircourt Gold Income Corp.

For further information: For further information: about the Exchange and Cash Offering or the Warrant Offering, please visit www.faircourtassetmgt.com or please contact Charles Taerk, President and CEO or Douglas Waterson, CFO & Portfolio Manager at (416) 364-8989 or 1-800-831-0304